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| Jewellery retailers plan show to boost trade |
| BS Reporter / Kolkata Jul 16, 2009, 00:50 IST |
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Jewellery retailers of eastern India have joined hands to organise a business-to-business exhibition in Kolkata later this month, in an attempt to revive the jewellery industry here which has been hit due to the downturn.
The exhibition will see close to 50 participants and around 1,000-odd jewellery retailers are expected to visit the exhibition.
According to Navin Sadarangani, organiser of the event in Kolkata, “We are spending close to Rs 70 lakh in organsing this event.”
“There is hardly any infrastructure in Kolkata for organising large-scale exhibitions,” alleged Bachraj Bamalwa, vice-chairman of All India Gems & Jewellery Trade Federation (AIGJTF).
“We also foresee a Rs 200 increase in gold prices per gram soon, because of the duty and regulatory structure,” Bamalwa added.
According to Pankaj Parekh, chairman - eastern region, Gem and Jewellery Export Promotion Council (GJEPC), “Nationally, exports are down 25 per cent due to the global slowdown. During 2008-09, India exported close to $21 billion.”
“However, jewellery market of Eastern India is around Rs 3,000 crore which has grown by 27 per cent this year over 2008-09. This is because the slowdown is mainly in the high-end jewellery while Kolkata exports only handmade jewellery,which goes to Gulf and people of Asian origin,” claimed Parekh.
“The market should improve within one year. Also, we are expanding the reach so we are now exporting to Hungary, Romania, Bulgaria, and other countries to increase our exports,” added Parekh.
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